KARACHI: Cotton prices recorded mild recovery on Friday on renewed buying interest from spinners and exporters on expected duty-free market access to European Union countries.

Floor brokers said that mild recovery could be part of ‘correction’ which was overdue as prices have dipped down to the lowest level of the season.

Besides, the resistance shown by ginners in selling their stocks also helped to recoup prices as many spinners and exporters came back to replenish their stocks at higher price, they added.

The current spell of rains in the Punjab is being taken as a serious issue.

In case the rains turn into heavy downpour, the standing crop which has flowered will be affected.

Consequently, the fear of short crop coupled with expected free access to EU market compelled many spinners to move forward and build upon their stocks at prevailing low prices.

However, the world cotton markets remained mixed where New York cotton once again reeled back as all future contracts ended with fresh losses.

The Karachi Cotton Association (KCA) revised its spot rates upward by Rs50 to Rs6,400 per maund. Trading volume also improved on the ready counter.

The following transactions were reported to have changed hands on ready counter on Friday: 1,600 bales from station Khairpur done at Rs6,400 to Rs6,450, 1,400 bales also from Khairpur done at Rs6,450, 2,000 bales from upper Sindh done at Rs6,450, 1,200 bales from Chichawatni done at Rs450, 1,000 bales from Sadiqabad done at Rs6,500 to Rs6,600, 1,800 bales from Rahimyar Khan done at Rs6,550 to Rs6,600, 2,600 bales from Khanpur done at Rs6,600, 1,000 bales from Rajanpur done at Rs6,600, 600 bales from Mianwali done at Rs6,600 and 800 bales from Janpur done at Rs6,550.